Boston, MA -- (SBWIRE) -- 04/02/2014 -- The economic crisis and conservative consumer spending has hindered growth in Spain, both in terms of number of cards in circulation, and values of all card categories during the review period (2008-2012). However, with the anticipated recovery of the Spanish economy, the card payments channel is expected to recover over the forecast period (2013-2017). In terms of number of cards in circulation, the prepaid cards category is expected to show the highest growth. Closed-loop prepaid cards are expected to be the most promising segment in terms of growth, as both retail and corporate users look to manage expenditure.

Growth in terms of transaction value in all card categories, except credit cards, was impaired during the review period by restricted consumer spending following the financial crisis and subsequent austerity measures. The overall card payments channel declined at a review-period compound annual growth rate (CAGR) of 0.37% in terms of transaction value.

Anticipated improvements in economic indicators such as inflation, GDP and per capita income are expected to support card volume growth over the forecast period. Banks' attempts to inject fresh funds to stimulate growth are also expected to improve credit availability in the economy. Conservative consumer spending is, however, expected to continue over the forecast period, increasing demand for prepaid cards.

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Mobile payments are expected to provide scope for growth for card-based payments, and mobile payments posted at a CAGR of 131.38% during the review period. The positive growth of mobile phone users and the growing popularity of smartphones have led to robust growth in mobile payments.

Report Highlights

- The card payments channel recorded a decline during the review period, primarily due to the impact of the global economic slowdown and the eurozone debt crisis. In terms of number of cards in circulation, the channel recorded a CAGR of -3.34%, falling from 81.1 million in 2008 to 70.8 million in 2012.
- The overall card payments channel declined at a review-period compound annual growth rate (CAGR) of 0.37% in terms of transaction value, with the debit, charge and prepaid card categories recording CAGRs of 0.61%, -0.05%, -12.07% and -19.24% respectively, while the credit cards category recorded a CAGR of 0.71%.
- Mobile payments are expected to provide scope for growth for card-based payments, and mobile payments posted at a CAGR of 131.38% during the review period. The positive growth of mobile phone users and the growing popularity of smartphones have led to robust growth in mobile payments.
- E-commerce value increased from EUR6.6 billion (US$9.7 billion) in 2008 to EUR12.8 billion (US$16.5 billion) in 2012, at a review-period CAGR of 18.06%. Growth in e-commerce has resulted in banks adding online functionality to their card products.

Report Scope

Companies Mentioned in this Report: Bankia, CaixaBank, Banco Popular, Banco Sabadell, Bankinter, BBVA, MasterCard, Visa, American Express, Diners Club

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